June 12 (Bloomberg) -- Axel Springer AG shares dropped the most in nearly seven weeks after Good Media Investment Holdings sold its entire stake in Europe’s biggest newspaper publisher.
Axel Springer fell as much as 4.8 percent to 32.23 euros, the biggest intraday decline since April 25, and traded down 3.8 percent as of 10:17 a.m. in Frankfurt.
Good Media sold 2.77 million shares, or about 2.8 percent of Axel Springer’s share capital, to institutional investors at 32.18 euros a share, it said in a statement.
The transaction totalled 89 million euros ($118 million) and was managed by Deutsche Bank AG.
To contact the reporter on this story: Nicholas Brautlecht in Hamburg at firstname.lastname@example.org
To contact the editor responsible for this story: Angela Cullen at email@example.com